Ngo assessement
This query is : Resolved
22 August 2014
Hi! There is a NGO incorporated, as a trust, a year earlier. It received some donation for a specific purpose but somehow it failed to spend it. it is not registered U/s 12 of Income Tax Act. it wants to file ITR for Ay 2014-15. Whether it need to pay tax on said donation or there is any way to get exemption. since the donation is as it is lying in the bank account of the NGO. The total receipt is below Rs 2,00,000. since its a NGO no profit ratio is defined in the trust deed. What will be the taxation procedure.
Read more at: https://www.caclubindia.com/forum/trust-assessement-303147.asp#.U_czrcWSzeM
Read more at: https://www.caclubindia.com/forum/trust-assessement-303147.asp#.U_czrcWSzeM
22 August 2014
any surplus will be taxed. For taxation, Refer section 164
09 September 2014
yes sec 164 is applicable in this case
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